A beginner in business bought a machine to make canned goods for 45,000 dollars. His old machine is traded at 10,000 dollars and she was given a discount of 7 percent in buying the machine after the trade in allowance. She wants to make monthly payments for 5 years with a nominal interest of 13 percent. What would be the monthly payment?
A beginner in business bought a machine to make canned goods for 45,000 dollars. His old machine is traded at 10,000 dollars and she was given a discount of 7 percent in buying the machine after the trade in allowance. She wants to make monthly payments for 5 years with a nominal interest of 13 percent. What would be the monthly payment?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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A beginner in business bought a machine to make canned goods for 45,000 dollars. His old machine is traded at 10,000 dollars and she was given a discount of 7 percent in buying the machine after the trade in allowance. She wants to make monthly payments for 5 years with a nominal interest of 13 percent. What would be the monthly payment?
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